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Market Insights

Seacoast Real Estate Market Takes a Summer Break

by John Rice 

Residential sales of single family homes and condominiums apparently went on "summer break" for the month of July in the 13 Sample Seacoast Towns. It was the first time in six months that the market failed to register a month over month gain, according to statistics just released by the Seacoast Board of REALTORS.

The 13 Sample Seacoast Towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

Single family sales were off by 30% from last year at 112 units, while the monthly median sales price climbed to $413,000-up .7%. To be sure, July 2015 was an all-time modern sales record month.

Condominium sales were off by 42% from last year's record totals on 49 units. However, the July median monthly sale price of $256,000 is a 1.78% improvement from last year.

Overall, 2016 remains 19 sales ahead of last year after seven months. The median sale price of $400,500 is up 2.42%. Total annual condominium units are a modest 10 sales better than 2015, while the median sale price of $250,000 is up 4.16%.

"This July ‘summer break' comes as somewhat of a surprise," said Seacoast Board of REALTORS President Linda Ruppe. "Interest rates remain near record lows and there is ample, though significantly less, available inventory than last year. "

"At the end of day," Ruppe added, " continuous record month-over- month sales improvements are unsustainable, making a correction inevitable. All that aside, it's still a healthy market out there. "

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